Home Insurance

The amount of coverage you need will be determined by factors such as the value of your home and contents, the location and age of the home, and the risk you pose to the insurer. Home insurance policies typically offer four types of coverage, including dwelling,personal property, and personal liability and additional living expenses.

Dwelling – the actual living structure and anything that is attached to it such as porches and garages. The amount of coverage is initially determined by an evaluation product. It is important to note that the dwelling value is the cost to rebuild a home in the event of a total loss. The insurance value is different from the real estate market value or the tax assessment value. Information that assists with determining a home’s value:

• Year the structure was built
• Material used to build the structure
• Square footage
• How many bathrooms
• Type of structure for example- bungalow, 2 story, 1 ½ story, Victorian
• Finishes-builder grade finishes or upgraded,
• What is the area of the province-rural vs urban in town vs countryside
• Is there is a basement is it finished or not
• attached and detached structures such as garages, decks and pools

Detached private Structures – detached private structures include structures like sheds, garages, decks, fences etc. This amount of coverage is determined as a percentage of the dwelling value.

Personal Property – this is insurance for your “stuff”. Anything you use in or around your home and detached structures. Everything from your toothbrush to your Christmas decorations. This is a limit that is determined by the value of your dwelling and is generally 70% of the dwelling value. It is important to note that:

• There are set special limits in place for high value items such as jewellery, bicycles, tools, etc. Therefore, if you have anything that is of significant value it should be insured as part of a floater on your home policy.
• Anything that you can insure on a different kind of policy like motorcycles, snowmobiles atv’s etc. are not included

Additional Living Expenses – this covers reasonable expenses like food, hotel and other costs you would be forced to pay over and above the usual cost of living in your own home when you are prohibited from returning home or your home is unlivable as a result of insured damage. Some examples of additional living expenses are:

• Hotel bills
• Restaurant meals
• Laundry
• Rent
• Mileage
• Pet boarding
• Storage

Legal Liability – In simple terms, liability insurance covers legal matters in relation to your property. Liability coverage comes into play when yourself or a family member has been found partially or wholly responsible for third party property or personal injury damages due to an accident in relation to your property. Incidents could include a guest slipping on an icy driveway, tripping over a loose carpet or even a bite from your dog. The standard liability limit is $1,000,000 however, you can opt for a higher limit. If a claim heads to court, your insurance company will often pay for the lawyer defending you in court, along with fronting the cost of any fines the court assigns (up to the limits of your policy, of course). One thing that property-related personal liability does not cover is anything to do with a vehicle. It is important to ensure that your policy has enough coverage to protect all of your assets. If you have significant assets like a farm or business you may want to purchase an umbrella liability policy. If you have questions about umbrella liability please contact your broker.

Besides being a mortgage requirement, having property insurance to protect the value of your home, possessions, and other properties will help you sleep better at night – come fire, water or wind. While a standard homeowners policy helps protect your house, it typically helps cover more than just the physical structure of your home including the following:

• Covers personal liability should someone be hurt on your property as the result of an accident or negligence
• Includes temporary housing and additional expenses coverage should you need to stay somewhere else following a disaster

Orr Insurance offers a fully personalized protection package from leading insurance providers. Your broker will work with you to pick & choose coverage that is right for you.

Our goal is to find you the best protection at the most affordable price to save you time and money. Your broker is able to tell if you’re eligible for various discounts including:

• Claims Free
• Non-Smoker
• Loyalty Discounts (for long-term clients)
• New Home Discount
• Mature Policyholder
• Mortgage-Free Homes
• Renewal Discounts
• Multiple policies with one company

Other ways to reduce the cost of your home insurance:

• Build your claims-free discount- most insurance carriers provide discounts to those who have gone several years without experiencing an insurance claim.
• Improve your home security– make your home more secure with a monitored burglar alarm system and many insurance carriers will offer you a home security discount as a result.
• Pay annually– paying for your insurance premiums annually typically offers significant savings over paying your premiums on a monthly basis.